Synhelion receive further funding from CEMEX
CEMEX Ventures support scaling of solar fuel production through follow-on investment in Synhelion
SYNHELION have raised CHF22 million in another successful financing round. The funds were primarily provided by existing investors, including CEMEX and their corporate venture capital and open innovation unit CEMEX Ventures, as well as selected new strategic investors. The proceeds of the investment round will accelerate the company’s growth and support the scaling and commercialization of Synhelion’s unique and validated technology.
Synhelion’s existing and new investors are world-leading companies with outstanding track records and technological excellence. In addition to the important funding from the investors, the invaluable and extensive know-how and technology portfolio of the investors create significant synergies that will enable Synhelion to accelerate the industrialization and global roll-out of their solar fuel technology.
Sustainable fuels are becoming increasingly significant as the mobility and construction sectors strive to decarbonize, not least to meet climate targets of net-zero carbon emissions by 2050.
Synhelion’s solar fuels are a crucial solution in combatting climate change as they significantly reduce net CO2 emissions by directly replacing fossil fuels. The company’s drop-in fuels can be blended into the existing fuel distribution network and are fully compatible with existing vehicles and machinery.
By successfully producing syngas on an industrial scale using solar heat, Synhelion reached the last decisive technical milestone for the industrial production of sustainable solar fuels in August 2022. Shortly after, Synhelion commenced construction of DAWN – the world’s first industrial plant to produce sustainable fuels using solar heat.
DAWN will be the first facility to demonstrate the entire process on an industrial scale, and the recent additional investment will allow the company to build DAWN and take the next steps for scaling its fuel production, including the technical design and construction planning of its first commercial plant in Spain.
This comes as yet another ground-breaking innovation from Synhelion, who earlier this year, together with CEMEX, achieved a breakthrough in cement production with solar energy. The two companies successfully connected the clinker production process with the start-up’s solar receiver to produce solar clinker. Solar clinker, which replaces traditional, high CO2-emitting clinker, supplants fossil fuels entirely with solar energy and represents a critical milestone in CEMEX’s journey to achieve carbon neutrality by 2050.
